search query: @author Cho, D. / total: 3
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| Author: | Cho, D. |
| Title: | An alternative interpretation of conditional convergence results |
| Journal: | Journal of Money, Credit and Banking
1996 : NOV, VOL. 28:4/1, p. 669-681 |
| Index terms: | MONEY BANKING CREDIT |
| Language: | eng |
| Abstract: | Almost a decade ago, Baumol asked whether relatively poor economies grow faster than rich economies, causing levels of per capita income to converge across economies. This question is interesting in its own right, but becomes more so in relation to the recent debate between the traditional neoclassical growth model and endogenous growth models. While the assumption of diminishing returns to capital in the neoclassical model drives on the model economy to converge to the steady state, there is no such tendency in most endogenous growth models. |
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